I was out of town over the weekend so I was unable to place trades or post to this journal. The good news is I come back to find our trades very profitable. I adjusted the trailing stops on most of them to preserve our profits and I also opened a trade on GBP/USD.
EUR/USD 50 pip trailing stop intact at 1.5936
USD/CHF 100 pip trailing stop intact at 1.0141
AUD/USD 60 trailing stop intact at 0.9677
USD/CAD 50 trailing stop intact at 1.0037
New Order:
Buy/Stop placed on GBP/USD at 2.0100 50 pip trailing stop and 1000 pip Stop/Loss only using 1 precent of account balance on 50:1 margin.
What a great day to be in the forex market. Currently we have 260 pips in profit locked in on these trades.
All positions were stopped out yesterday for a profit of 260 pips. That is a record for my best day gain so far. Our Buy Stop on GBP/USD was also triggered but then pulled back some so we have a small floating loss on that one trade.
New trades placed are as follows:
USD/CAD Sell Stop at 1.0000
AUD/USD Buy Stop at .9800
USD/CHF Sell Stop at 1.0075
USD/JPY Sell Stop at 104.00
Remember every trade uses one percent of account balance with 50:1 margin. 1000 pip stop/loss and 50 pip trailing stop.
No new trades todays and no adjustment to current trades. Our GBP/USD trade was triggered and is currently in profit. All other pairs appear to be in a countertrend at the moment. We will sit patient and see if the trend resumes. We will leave all of our Buy Stop and Sell Stop orders in place, if the countertrends reverse they may get picked up.
There are no new trades or adjustments today. The market doesn’t really seem to have had any major moves since yesterday. So we will simply relax, be patient, and wait for a move.
There are no new trades today. The market still seems to be in a sideway movement. A quick peek at the charts last night looked as if we may be placing or adjusting our trades this am; but when I woke up and looked at the charts again they had reversed their direction maintaining their sideways movement. We remain patient.
There are no new trades or adjustments today. It’s times like this
that separate winning traders from losing traders. It would be easy
to get impatient and to force a trade. However, the charts do not
show a viable trade right now. We are in one of the larger countertrends
that have been established since I we started trading. This is a good
thing since our trend has not reversed, at some point the market will
resume with it’s trend and we will have room for larger gains.
Until then, we will continue to wait and watch patiently.
There are no new trades today. It’s difficult to make money if we
are not in trades however, the market continues to give up ground on
this current trend. It hasn’t given up tremendous ground for the most
part it’s small moves in a countertrend direction. There should be
a solid break in one direction or the other once we get more economic
news releases. We will continue to wait and watch the charts.
No new trades were initiated yesterday or today. We are in a good
size countertrend market right now. With our two open losses our paper
losses are adding up. Thankfully we are on the sidelines with our other
4 pair. It looks like the market is shapping up nicely. Once the trend
resumes we should have plenty of room for profits, as the market
will have a long way to run it hits a resistance point.
If we try to rush trades we could make sloppy decisions that could be
costly. Right now we will just sit on the sidelines and just watch.
There are no new trades today. Our two open positions are taking heavy
losses as our countertrend has now run deep. These loses are not
completely unexpected.
4 of our positions are simply on the sidelines waiting for the oppurtunity
to move into the market. I have experimented with a hedging strategy
that I may use in a similar market condition in the future. It’s
based off of opening a trade in a countertrend with a tight stoploss
when the trade breaks key support levels on the charts.
In the mean time we continue to watch the charts from the sidelines.
I woke up to see we have taken a beating in the USD/CAD and GBP/USD.
It’s unbelievable and it lookes as if our 1000 pip stop/loss could
very well be hit.
I have experiemented with some hedging strategies that have worked
well in my personal account but I have not shared them simply because
they are experimental. If our stops get hit we will be come out of the
market and reassess the market movement before re-entering.
The next couple of trading days will be very interesting.
No one ever said forex was easy money. Our GBP/USD trade hit it’s
1000 pip stop/loss which we knew would eventually happen. If you
followed proper money management rules that was at most a 10% loss
on your account. Over all the market has been bullish on the dollar
we do expect this to reverse and we will watch for the reversal. We
have already seen a big slow down from the previous week.
One pair has reversed and we have placed a trade on that pair.
Sell Stop USD/JPY 108.50 with a 500 pip stop/loss. Only risk one precent
of account balance on this trade.
I was just reading through your blog while on vacation at my wife’s parent’s winter home. I was genuinely enjoying your saga and have just come upon an abrupt story discontinuation right when things were getting incredibly interesting.
Are you planning in picking this up any time soon?
Even an update would offer some comfort.
